172nd OPEC meeting press conference – Live

The OPEC is holding its 172^nd conference in Vienna today, where members and non-OPEC countries will decide whether to extend the ongoing agreement to cut the crude oil output beyond its original deadline in June 2017.

Following the meeting, the actual President of the Conference Khalid A. Al-Falih, the Minister of energy of the Russian Federation Alexander Novak and the OPEC Secretary General Mohammed Barkindo will give a joint press conference.

Background

Oil: What Trump’s SPR release means to markets? – Natixis

Abhishek Deshpande, Research Analyst at Natixis, explains that recently US President Trump announced a proposal to trim the national debt partly by selling off half of the USA’s existing SPR (Strategic Petroleum Reserve), equivalent to ~340mn bbl, in the next decade which will result in sustained pressure on oil prices.  

OPEC delegate: OPEC doesn’t plan to add 3-month option to 9-month extension

Following the confirmation of a 9-month extension to the production cut, an OPEC delegate said that OPEC doesn't plan to add a 3-month option, according to a recent report by LiveSquawk.

WTI spikes back above $51 mark ahead of OPEC press conference

WTI crude oil witnessed a solid recovery from European session flash crash lows to $50.00 neighborhood and has now jumped back above $51.00 mark

OPEC mission
In accordance with its Statute, the mission of the Organization of the Petroleum Exporting Countries (OPEC) is to coordinate and unify the petroleum policies of its Member Countries and ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital for those investing in the petroleum industry.

The organization has a total of 13 Member Countries:  Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia, Venezuela, Qatar, Libya, the United Arab Emirates, Algeria, Nigeria, Ecuador, Gabon and Angola.